Texas 2019 - 86th Regular

Texas Senate Bill SB450

Caption

Relating to the deadline for certain economic development corporations to file a certain report with the comptroller.

Impact

The bill's enactment is expected to streamline the review process that the comptroller conducts on these corporations, as it will receive their annual reports much sooner. By mandating a clearer and more timely accounting of the economic development corporations' operations, the bill encourages effective monitoring of how these entities utilize public funds and pursue their designated economic goals. This could potentially lead to more informed decision-making regarding state funding and support for economic initiatives.

Summary

Senate Bill 450 focuses on enhancing the reporting requirements for certain economic development corporations within Texas. Specifically, it amends Section 502.151(a) of the Local Government Code to change the deadline for these corporations to submit annual reports to the comptroller of public accounts. The new deadline for submission has been shifted to February 1 each year, allowing for earlier transparency and accountability concerning their financial activities and objectives.

Sentiment

The sentiment around SB450 appears to be predominantly positive, with bipartisan support reflected in the voting outcomes—31-0 in the Senate and 146-0 in the House. Legislators generally agree that improving reporting timelines enhances oversight and enhances the operational effectiveness of economic development corporations. However, there could be concerns among some local governments about the increased scrutiny that comes with more stringent reporting requirements.

Contention

While the bill passed without opposition, its implications touch on the balance between necessary oversight and the operational flexibility of economic development corporations. Some stakeholders may argue that more stringent reporting could create burdens for these organizations, particularly smaller ones that may lack the resources to comply fully. Nonetheless, there seems to be a consensus that the benefits of enhanced transparency are worth the potential downsides in administrative workload.

Companion Bills

TX HB1588

Same As Relating to the deadline for certain economic development corporations to file a certain report with the comptroller.

Previously Filed As

TX HB615

Relating to authorizing certain projects to be undertaken by economic development corporations.

TX SB1926

Relating to the establishment of the Texas Mircale Act (TMA), allowing for certain fees, authorizing certain ad valorem tax incentives for economic development, specifically certain tax relief from school district taxes for certain corporations and limited liability companies that make large investments that create jobs in this state, to authorizing the imposition of certain fees, and the repeal of Chapter 313 of Texas Tax Code and the Economic Development Act of the 77th Legislature.

TX HB4749

Relating to the authority of economic development corporations created by certain rural municipalities to undertake infrastructure planning projects.

TX HB1515

Relating to the continuation and functions of and certain programs subject to rules adopted by the Texas Economic Development and Tourism Office.

TX SB1845

Relating to a franchise tax credit for certain large economic development projects, including certain electric generation facilities.

TX HB2421

Relating to the reenactment of expired provisions of the Texas Economic Development Act.

TX HB1718

Relating to rural development funds and insurance tax credits for certain investments in those funds; authorizing fees.

TX HB1058

Relating to a franchise or insurance premium tax credit for certain housing developments.

TX SB325

Relating to a franchise or insurance premium tax credit for certain housing developments.

TX HB4246

Relating to delivery of certain unclaimed money for scholarships for rural students, rural economic development, and energy efficiency assistance.

Similar Bills

No similar bills found.